Senator Van Hollen Urges Federal Reserve to Modernize Payments System

In a letter to Federal Reserve Chairman Jerome Powell, U.S. Senator Chris Van Hollen from Maryland, requests that modernization of the payments system be completed within the next year.

Senator Chris Van HollenCalling the U.S. system "outdated," Senator Van Hollen describes it as lagging behind other countries and notes that a slow payments system is a detriment to consumers of modest means. Senator Van Hollen asks Chairman Powell what regulatory, industry and legislative action is needed to implement the recommendations of the Federal Reserve's own Faster Payments Task Force. Senator Van Hollen serves on the Senate Banking Committee. You can read the letter here.